NEWS

Workshops

Gary Brooks, Chairman & CEO of Allomet Partners, has been invited to return to the Lebanese-American University in Beirut, Lebanon to present a workshop entitled “Valuing Family Companies-Preparing to exit.” The workshop, sponsored by the University’s Institute of Family and Entrepreneurial Business, is planned for May 2, 3 and is expected to draw representatives of family businesses from most of the Arab League states.

Expert Testimony

Serving as an expert witness in cases involving management performance and director responsibilities has taken on ever increasing importance because resulting claims for damages can be exorbitant.

A potentially landmark case. United States Trustee vs. a "big 4" Accounting Firm, was recently settled in favor of our client. The Trustee was seeking disgorgement of fees and damages relating to "deepening insolvency" totaling $40 million. Mr. Brooks was asked to analyze and opine on two questions: Was the client of the accounting/consulting firm insolvent at the time of the engagement; did the firm's recommendations cause or contribute to the deteriorating condition of the client. The analysis and deposition that followed were sufficiently convincing to result in dropping all key claims prior to trial.

Other News

Family business problems come in many forms but all have human factors at their core. Allomet is working on two cases both involving father-son conflicts in otherwise successful enterprises. In one case, the qualifications of the successor are in question; sale of the company may be blocked by the conflict in the second case. More later.

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